Ethereum

Resistance

BNB price started a recovery wave above the $500 resistance. The price is now consolidating and might aim for more gains above $530. 
<ul> 
 <li>BNB price started a decent upward move from the $472 support zone.</li> 
 <li>The price is now trading above $500 and the 100-hourly simple moving average.</li> 
 <li>There is a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair could extend its recovery wave if it clears the $530 resistance in the near term.</li> 
</ul> 
<h2 id="bnb-price-starts-recovery">BNB Price Starts Recovery</h2> 
In the past few days, BNB price saw a decent recovery wave from the $472 support zone, like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-3120/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hit-rejection-60k/" target="_blank" rel="noopener ">Bitcoin</a>. The price was able to climb above the $495 and $500 resistance levels. 
It even cleared the $520 resistance, but the bears were active near the $530 zone. A high was formed at $529.2 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $471 swing low to the $529 high. 
The price is now trading above $520 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $518 on the hourly chart of the BNB/USD pair. 
If there is another recovery wave, the price could face resistance near the $530 level. The next resistance sits near the $542 level. A clear move above the $542 zone could send the price higher. In the stated case, BNB price could test $550. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629132 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Binance-Coin-BNB-1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $550 resistance might set the pace for a larger increase toward the $565 resistance. Any more gains might call for a test of the $580 level in the coming days. 
<h2 id="another-decline">Another Decline?</h2> 
If BNB fails to clear the $530 resistance, it could start a fresh decline. Initial support on the downside is near the $520 level or the channel trend line. 
The next major support is near the $508 level. The main support sits at $500 and the 50% Fib retracement level of the upward move from the $471 swing low to the $529 high. If there is a downside break below the $500 support, the price could drop toward the $485 support. Any more losses could initiate a larger decline toward the $472 level. 
Technical Indicators 
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level. 
Major Support Levels – $520 and $500. 
Major Resistance Levels – $530 and $542.

BNB Price Steadies Above Support: Is a Bullish Comeback on the Horizon?

Table of Contents

NewsBTC

Other articles published on Jul 11, 2024

Here’s How The Best Blockchain Ecosystems Are Working Together To Solve Blockchain Fragmentation

Easy Bulk NFT Transfers Made for Beginners

Top 3 Memecoins For Huge Returns In Q3: Mog Coin (MOG), (APORK), (BOME)

Worldcoin falls short of its target by 994 million

Must-Have Digital Coins for Your Portfolio

Dora Announces Progression Into A Unified Multichain and MultiVM Explorer (11 Jul)

Join our free newsletter for daily crypto updates!